Ecuadorian President Rafael Correa is planning to pass a bill to support the country’s economy with digital cryptocurrencies, aiming to help the nation pay off its debt, according to a Bloomberg report.
Ecuador does not have a local currency, as the country adopted the US dollar as its official currency since 2000. However, if plans for the new cryptocurrency go ahead, it will be used alongside the US dollar, and will be controlled by the country's central bank.
According to the proposal, the digital currency would have to be backed by a form of liquid money, likely dollars or some other global currency.
According to a July 23 publication by Ecuador's PanAm Post news agency, the discussion on the reform began on July 22, and Rafael Correa presented an initial proposal on June 25.
The reform of the law on the creation of a digital currency and the upcoming changes to the system's fiscal regulation were reviewed by the executive branch and presented to the country's Congress, described as "urgent" by Mr. Correa.
A very advanced idea from the President of Ecuador, in line with the needs of the country and today's technology. Would it be utopian to believe that such a move could be adopted for Greece's economic and fiscal problem?
Source: secnews.gr
